Australia's unemployment rate rose to 5.3 percent in October, as the economy lost 19,000 jobs, the latest data published by Australia Bureau of Statistics (ABS) showed this Thursday. The markets were expecting a job addition of 15,000. Employment for the previous month was 14,700 addition.
Meanwhile, full-time jobs came in at -10,300 compared to +26,200 seen in September. The part-time employment came in at -8,700 versus -11,400 last. The participation rate dropped to 66.0% in the reported month versus 66.1% previous.
The AUD/USD pair drops sharply to test the 0.68 handle on a big miss on the Australian Oct jobs report.
About Australian Jobs data
The Employment Change released by the Australian Bureau of Statistics is a measure of the change in the number of employed people in Australia. Generally speaking, a rise in this indicator has positive implications for consumer spending which stimulates economic growth. Therefore, a high reading is seen as positive (or bullish) for the AUD, while a low reading is seen as negative (or bearish).
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